Fidelity's Solana Spot ETF application delayed again by the SEC, regulatory fog shrouds altcoin funds.

Fidelity SOL Spot ETF review delayed On July 7, 2025, the U.S. Securities and Exchange Commission (SEC) confirmed that Fidelity's application to launch a Solana (SOL) Spot Exchange-Traded Fund (ETF) has once again faced a delay. The document submitted by Cboe BZX Exchange is part of the proposed rule change application for listing the "Fidelity Solana Fund".

SEC officially launches review process for Solana ETF proposal According to SEC documents, the regulatory agency has now officially begun its review of whether to approve or reject the proposal. The SEC requires the public to submit comments within 21 days after publication in the Federal Register and to submit rebuttals within 35 days. This round of cryptocurrency ETF review delays is generally expected by market analysts.

Analyst: SEC is still far from approving altcoin Spot ETF Bloomberg ETF analyst James Seyffart stated on his social media platform X that this decision was "expected." He pointed out that it highlights how far the SEC is from approving Spot cryptocurrency ETFs linked to altcoins. The broader regulatory framework needed for cryptocurrency exchange-traded products like the Solana ETF is still not in place. He particularly emphasized that the ambiguity in cryptocurrency regulation continues to hinder the launch of new products.

SEC releases new regulations for crypto ETFs, future approvals may accelerate It is worth noting that this delay coincides with the SEC's release of the first official guidelines for cryptocurrency exchange-traded products (ETP), which will affect all subsequent Solana ETF applications. According to Reuters, this document marks a significant policy shift under the leadership of a committee dominated by Republicans, setting new standards for handling crypto asset ETF applications. ▶ The SEC's new guidelines require asset management companies to clearly explain the risks, custody structures, and uniqueness of crypto asset ETFs in "plain English." ▶ The organization aims to ensure that both investors and regulators can understand the differences among these funds (especially the Solana ETF that provides exposure to emerging altcoins). ▶ The SEC is also drafting a second document that could significantly shorten the future digital asset ETF listing time, with the approval period potentially reduced from over 200 days to about 75 days.

Solana ETF in Trouble, Alternative Solutions Emerge Despite the potential acceleration of future approvals, Fidelity's Solana ETF is still under the uncertainty of cryptocurrency regulation. Dozens of similar applications (from XRP ETF to Meme coin ETF) are also on hold. Meanwhile, some companies are seeking alternative Solana investment products. Last week, REX Financial and Osprey Funds launched the REX-Osprey Sol + Staking ETF. While it is not a direct Solana Spot ETF, it provides investors with an indirect way to access the Solana network and its staking rewards.